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TMI Blog2020 (6) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... er consideration. In assessee`s case the assessment year is A.Y. 2012-13 whereas amended provisions of section 55A(a) of the Act are applicable from A.Y. 2013-14. Hence, pre-amended section 55A(a) is applicable to the assessee wherein the terminology used is is less than its fair market value . We note that assessee`s qualified Registered Valuer of Income Tax had valued the property at fair market value on 01.04.1981 at ₹ 18,51,000/- which is not less than the fair market value done by the District Valuation Officer of Income Tax Department at ₹ 5,82,083/-. Based on the position in law as explained above, we direct the assessing officer to take the fair market value of the property as on 01.04.1981 at ₹ 18,51,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... movable property ( for the purpose of computation of long term capital gain) as on 01.04.1981 at ₹ 5,82,083/- by the District Valuation Officer, Income Tax Department as against the fair market value at ₹ 18,51,000/- determined by the qualified registered valuer of the assessee. 4. Brief facts qua the issue are the assessee filed his return of income for the assessment year 2012-13 on 31-08-2012 declaring total income of ₹ 9,79,170/-. The return of income was processed u/s 143(1) of the Act on 23/03/2013 on a total income of ₹ 9,79,170/-. Later on, assessee`s case was selected for scrutiny under section 143(2) of the Act. The assessee is a Senior Citizen residing in Uttarkashi and has made financial transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with section 16A(5) and 16A(6) of the W.T.Act 1957, there was no other alternative but to adopt the valuation made by D.V.O. Therefore, AO adopted the fair market value of the property as on 01.04.1981 at ₹ 5,82,083/- as determined by DVO for the purpose of computation of long term capital gain. 4. Aggrieved by the stand so taken by the Assessing Officer the assessee carried the matter in appeal before the ld. CIT(A) who has confirmed the action of the assessing officer. 5. Aggrieved by the order of the ld. CIT(A) the assessee is in appeal before us. 6. We have heard both the parties and carefully gone through the submission put forth on behalf of the assessee along with the documents furnished and the case laws relied upon, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds the value of the asset as claimed by the assessee by more than such percentage of the value of the asset as so claimed or by more than such amount as may be prescribed in this behalf ; or (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do, and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clauses (ha) and (i) of sub-section (1) and sub-sections (3A) and (4) of section 23, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee`s qualified Registered Valuer of Income Tax had valued the property at fair market value on 01.04.1981 at ₹ 18,51,000/- which is not less than the fair market value done by the District Valuation Officer of Income Tax Department at ₹ 5,82,083/-. Based on the position in law as explained above, we direct the assessing officer to take the fair market value of the property as on 01.04.1981 at ₹ 18,51,000/- for the purpose of computation of long term capital gain. 8.Before parting, it is noted that the order is being pronounced after 90 days of hearing. However, taking note of the extraordinary situation in the light of the Covid-19 pandemic and lockdown, the period of lockdown days need to be excluded. For com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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